Finiko’s CFR Ponzi points collapse, FNK token exit-scam
Finiko has introduced its own Ponzi token, paving the way for its inevitable exit-scam.
Finiko, launched in Russia in mid 2019 and then internationally in 2020, had been soliciting investment into CFR Ponzi points.
That introduction of FNK tokens has seen that model collapse.
CFR was an internal Ponzi token Finiko pegged at 1:1 for $1 USD.
FNK token was announced in December 2020.
The new token was integrated into Finiko shortly thereafter.
FNK has since been listed on dodgy exchanges, with most of the shitcoin’s volume trading through Bithumb Global.
Finiko managed to keep investor recruitment going through 2020, however in 2021 that’s leveled off.
Having gone the shitcoin exit-scam route, when its admins want to disappear Finiko will disable internal withdrawals.
This will leave affiliates scrambling to sell off on public exchanges, only to realize there are no buyers outside of Finiko itself.
Cue FNK dumping to $0 and sorry for your loss.
There have been a spate of Russian MLM crypto Ponzi collapses over the past few months (e.g. Wiseling, Beurax, Six Sigma Trade).
What makes Finiko interesting is the Ponzi scheme is primarily targeting Russian investors.
At the time of publication Alexa pegs Russia as the largest source of traffic to Finiko’s website (57%). Germany comes in at second (34%), and that investment is presumably what’s currently keeping Finiko afloat.
Basically a transfer of money from new gullible Germans to Finiko’s OG Russian investors.
Russian authorities typically turn a blind-eye to MLM Ponzi schemes targeting international victims.
With Finiko’s heavy Russian investor-base, its collapse might signal the first MLM crypto intervention by Russian authorities.
Pending Finiko’s eventual FNK token exit-scam, stay tuned.
Update 20th July 2021 – Amid an ongoing Russian criminal investigation, Finiko has collasped.
Anyone know what “popcorn” is in Russian?
The N is probably backwards, though.
What? The backwards N is an I??? What the hell, Russia?
OK, I admit it. I don’t speak Russian. At all.
I’m also not holding my breath on the authorities doing much, but I’ll be thrilled if they do.
The same – попкорн (pronounced the same, only the stress is on “corn”)
So it’s popCORN. Got it, thanks 😀
Thanks for the update, it’s going to be a bloodbath soon.
Could you please publish fact based reviews? There is a lot of conjecture here, with no proof.
Finiko is committing securities fraud.
MLM + securities fraud = Ponzi scheme.
FNK token = standard MLM crypto exit-scam model.
These are facts. Feel to provide evidence of conjecture and we can go from there.
OZ how does their “own” token setup for exit? Is it not enough that ppl buy CFR (valueless points) with Bitcoin?
I mean investors allready traded a currency for monopoly money. Cant they just shut down and say, thanks for the money?
They can. But why do that when you can launch a shitcoin, extract even more money from your gullible investors, run away with their money and have plenty of time to do it while you string investors along with bullshit about your token.
A token lets a Ponzi scheme initiate the public exchange exit-scam model. They can’t do that with Ponzi points (CFR).
When do you expect FINIKO will be FINITO?
I hope I have enough time to get my money out!
It’s too late I’m afraid. If you can get anything out it will be nowhere near what you put in.
Ponzi’s only want money put it at this time in the game, not pay out money.
How is the company doing right now?
All looks to be going good with them?
Collapsed Ponzi schemes can’t uncollapse themselves.
Ok Oz, understand but also hard to understand.
I see people around me making money with it and looks very tempting to also invest. But think that’s the trick to get my money…
Thing is with all these scams, you might make money, but the majority of people will lose.
So if you made money it was stolen from others. I’d personally rather not be that guy.
The thing about making money in a Ponzi scheme is it’s numbers on a screen.
Withdrawals are a zero sum equation. Everyone can’t withdraw more than they invested in a Ponzi scheme, it’s mathematically impossible.
I know someone who invested 1 year ago and is making big profit. some others did jump into that a few months ago.
the critical time is 5? months, so if the ponzi survives for 5 months you are 100% positive. after that time withdraw every month for maximum profit.
the fnk token was anounced before 2021, now half a year passed and still no collapse … bitcoin did also drop 50%.
but as long as not many people withdraw a big total sum, the ponzi will sustain itself.
btw. bitcoin is the same snowball/ponzi system because you “steal” the money from the last one who bought and didnt find a buyer.
Disturbingly, you seem a little too comfortable with stealing from other people.
Best of luck with the scamming. Or what’s left of it now that Finiko has gone shit token exit-scam.
You seem to be fully cognizant that it’s a ponzi scam,so you’re just a bog-standard thief with thief friends. Good for you 10/10 nice guy.
Ah too bad you seemed relatively intelligent till you spurted this nugget of steaming crap.
Finiko was set up by scammers to enrich themselves and their friends first, and then whoever is early to join and steal from others.
And their conversion to their own currency is a sign that it’s not strong enough to function with a currency not under their own control anymore ie. it’s dying a slow death.
Bitcoin in the meantime was never set up in a referral-based pyramid.
The “link” you seem to infer that BTC is a hot-potato being passed around is VERY VERY VERY tenuous, and if only if you look at it from a speculative perspective which is what you investards looking for maximum profits in short periods do.
Why are you assuming that i have invested in that or that i think its the right thing to invest into such ponzis?
I was looking for Infos because FINKO followed the ponzi 1×1.
Like the Bitcoin hodlers who pray for a rise to the moon, the people who invest into similar ponzis argue that everyone who isnt abusing the system is the idiot because he throws away “easy” money.
The faster the ponzi collapes, the better, so i can tell the people … told you it was a ponzi, before they make big profit of the ones who get scammed.
Another word for Bitcoin: (Ozedit: derails removed)
Because typically the only people that show up on here to defend Ponzi schemes are those who invest in Ponzi schemes.
Bitcoin isn’t MLM. If you wish to discuss bitcoin in detail there are other places for that.
Apparently, not all hope is lost.
Central Bank of Russia declared that Finiko is a Ponzi with “blacklist” entry dated February 1st, 2021.
Lots of current Ponzis are also there. Unfortunately, this “blacklist” does not mean that authorities are on their way to investigate.
“Blacklist” available at cbr.ru/inside/BlackList (Russian only, but can be translated online)
I don’t know what to make of the Central Bank of Russia’s blacklist.
I recognized QubitLife, iBuumerang, Antares Trade and Finiko (Infiniko?).
The websites appear to be localized Russian variants. E.g. iBuumerang is some Russian affiliate’s websites with iBuumerang marketing.
I did lol at the Boris CEO Ponzis they have on the list (Teqra, Rostex Global etc.). Good to see at least someone in Russia is keeping track of the Borises.
Till we see Russian authorities actually do anything though, think I might leave reporting on the Russian Bank’s warnings.
Seeing as they can’t even list the correct company websites, I’m not confident they’re actually putting any effort in.
Seems like it’s happening, you cannot cash out anymore directly, only through FNK token.
Anyone knows how to leave a sinking ship now? 🙂
It was too late when FNK was launched. Now you’re firmly a bagholder with no recourse.
Does that mean, that for now, only Finico buys your FNK Token? As soon as they stop, scam is finished?
Because i was curious why the value of the FNK Token was changing if only? Finico would trade them into real money.
A Ponzi is after 6 months, maximum 2 years dead. Finiko exist more than 4 years now.
Take a look now at the FNK token, the last 24 hours! And it just starts! More than 700000 persons are in the system, and keep counting..
False. The only timeline for a Ponzi scheme is when the money inevitably runs out. Bernie Madoff’s Ponzi scheme went on for 20+ years.
False.
Finino “let’s scam the Russians” launched in 2019. That Ponzi scheme collapsed in ~1 year.
Finiko “let’s scam everyone else” launched in 2020.
If you think a Ponzi shitcoin jumping $200 in 24 hours is organic, you’re a gullible moron.
Look at the exchange data on CMC, 93.5% volume through bullshit tether trading via uniswap. And it’s dumped back down to $65 in the last 24H.
After disabling withdrawals other than FNK, Finiko scammers are gunning for that pump before the final exit-scam.
Hi OZ, I don’t see any final exit yet? Do you have any new information? Why are you still so sure this is a scam?
FNK tokens are also been traded on uniswap, Bithump etc.
I sure like to hear your matter on this before maybe investing in this company. Hope to hear from you
Ponzi scammers don’t exit-scam on your personal time-table. Restricting withdrawals to the FNK shit token is an obvious step towards the final “buh bye” exit-scam.
As for why Finiko is a scam, all Ponzi schemes are scams. Read our initial Finiko review.
Nobody outside of Finiko cares about FNK. Once the music stops, RIP.
Not here to convince you as an individual of anything either way. Want to chase riches in Ponzi schemes? Go for it.